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Too Green to Be True? Forging a Climate Consensus at the European Central Bank

Deyris, Jérôme - 2022

In its strategy review, the European Central Bank's Governing Council unanimously decided to make climate change one of its priorities for the coming years. In this article, we try to understand how this change was achieved, and to what extent it represents a break from central banking as usual....

Persistent link: https://www.econbiz.de/10013405556

Announcements of ECB unconventional programs : implications for the sovereign risk of Italy

Falagiarda, Matteo; Reitz, Stefan - 2013

This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and classified with respect to the specific ECB...

Persistent link: https://www.econbiz.de/10009783711

A Model of the Eurosystem’s Operational Framework and the Euro Overnight Interbank Market

Hauck, Achim - 2012

This paper develops a theoretical model which replicates main features of the euro overnight interbank market and the Eurosystem's operational framework, which has been in place since September 2008. Main ingredients of the model are frictions in the interbank market, a refinancing operation...

Persistent link: https://www.econbiz.de/10013103944

The European Central Bank’s Intricate Independence Versus Accountability Conundrum in the Post-Crisis Governance Framework

Amtenbrink, Fabian - 2019

In the wake of the European financial and sovereign debt crisis there is a revived interest in the constitutional position of the European Central Bank (ECB) in the European Union legal order, notably its independence and democratic legitimacy. A new generation of researchers, witnessing and in...

Persistent link: https://www.econbiz.de/10012889396

Market-stabilization QE

Motto, Roberto; Özen, Kadir - 2022

We identify a novel dimension of monetary policy from high-frequency changes in asset prices around ECB policy events, orthogonal to surprises extracted from risk-free interest rates. We find that it is present in policy events that were interpreted by real-time market commentaries as containing...

Persistent link: https://www.econbiz.de/10012818740

The Real-Time Impact of ECB Press Conferences on Financial Markets

Ulrich, Maxim - 2019

We present a new methodology to trace the information flow of communication events: Using the captions of press conference webcasts and textual analysis tools we fully automatically create timestamps for the different information content which can then be used to study the respective real-time...

Persistent link: https://www.econbiz.de/10012864697

The Lender of Last Resort in the Eurozone

Steinbach, Armin - 2017

supervision in the eurozone, the question of centralizing ELA within the ECB also arises …

Persistent link: https://www.econbiz.de/10012969002

Central Banks and Regulation of Cryptocurrencies

Nabilou, Hossein - 2019

This paper explores the interface between central banks and cryptocurrencies. Focusing on the European Central Bank (ECB), it identifies the potential threats that the rise of cryptocurrencies would pose to the basic and ancillary tasks of the ECB, in particular, its monetary policy operations...

Persistent link: https://www.econbiz.de/10012866515

European Banking Union A : The Single Supervisory Mechanism

Wiggins, Rosalind - 2015

, committing to a banking union that would better coordinate supervision of banks in the then 18-country Eurozone. A key component … of the banking union was the Single Supervisory Mechanism (SSM), which brought banks in the Eurozone under supervision of … changes in Eurozone bank regulation and supervision resulting from the Single Supervisory Mechanism …

Persistent link: https://www.econbiz.de/10013026538

Financial Stability, Monetary Policy, Banking Supervision, and Central Banking

Hellwig, Martin F. - 2014

The paper gives an overview over issues concerning the role of financial stability in monetary policy and the relation between banking supervision and central banking. Following a brief account of developments in the European Monetary Union since its creation, the systematic treatment contains...

Persistent link: https://www.econbiz.de/10013049671